Technically, the daily chart indicators are moving lower in the bullish territory.
ETH/USD Under Bearish Pressure
This past week was mostly bearish as ETH/USD failed to break a crucial resistance near $800.00. The pair declined and is currently trading just above a crucial support above $680.00.
ETH/USD also declined this past week and settled below 0.0800BTC. It later recovered from the 0.0720BTC support and is currently trading above 0.0750BTC. The pair must move back above 0.0800BTC to start a major upward recovery.
Starting with the daily chart of ETH/USD, there was a significant bounce from the $564.11 low. The pair moved above the $800.00 level, but it could not gain further bullish momentum. The main hurdle on the upside is a crucial bearish trendline with current resistance at $770.00.
The same trendline acted as a resistance recently and pushed the price down back towards the $640.00 support area. The daily chart suggests that the $600.00 and $640.00 support levels are significant. Should there be a break below $600.00, the price may move back toward the last swing low and be at risk of more losses.
Moving down to the 2-hour chart of ETH/USD, the pair is facing a major hurdle at $725.00, as well as to two additional bearish trendlines. A break and close above $725.00 would most likely propel the price back above the $800.00 level.
The overall bias is negative with resistances on the upside at $725.00 and $770.00. Supports on the downside await at $640.00 and $600.00.